Online Life Insurance With BMO Insurance [mortgagefraud101.blogspot.com]

Online Life Insurance With BMO Insurance [mortgagefraud101.blogspot.com]

mortgagelocator.ca Hi everybody. It's Rowan Smith with the Mortgage Centre. I want to address Bank Montreal's 2.99 percent offer that's on the market and to explain some of the restrictions that people need to be aware of, some of the fine print. First off, yes, it's one of the lowest rates historically ever offered, but it comes with some restrictions such as you can only have a 25 year amortization. Now, many people don't think that this is a problem because they think I only want a 25 year amortization anyway and across a lot of Canada that is still absolutely the practice. In Vancouver, however, where prices are as high as they are, many people require the 30 year amortization or in some cases the 35 year to qualify for the home, not because their situation isn't sufficient to pay for it but because the price is just so high and perhaps for tax efficient reasons or one reason or another they're not having the full amount of their company income declared in their personal taxes. If you're one of those people, a 25 year amortization can provide a serious problem for you getting approved for this product because you'll have to show additional income on paper in order to qualify. Some of my other lenders still offer 30 or 35 year amortization even with a comparable rate. Bank of Montreal has also got prepayment privileges severely limited. For example, the standard of the industry is what we call 20/20. You can prepay up to 20 percent of the original mortgage amount and ...

mortgagefraud101.blogspot.com Bank of Montreal 2.99 Mortgage Rate - Vancouver Mortgage Broker

"The changes announced by Minister Flaherty are prudent, measured, responsible, timely and will help Canadians become mortgage-free faster, pay less in total interest, and secure a debt-free retirement," said Laura Parsons, Mortgage Expert, BMO Bank of ... BMO Financial Tip of the Week: Understand How the New Mortgage Rules Affect ...

For so many people across Alberta getting some basic life insurance seems like such a chore. Term life insurance is becoming a highly commoditized product, where the lowest cost and most convenient application process is what people are looking for. One life insurance company in Canada has developed an online and telephone application process that can make it easy and convenient for you to buy term life insurance quickly and easily, online.

How the application process works

At Life Guard Insurance we have made the process of getting term life insurance online as easy and convenient as possible in Alberta today.

When going to our online application page you will have 3 sections to help you. Firstly, there is an introductory video explaining the process. Please watch the video before applying for coverage, so you know what to expect and the steps in the process.

Secondly, there is an online quoting tool. Here you will be able to quote BMO Insurance term 10, 20, and 30 products. Be sure to enter your correct birthdate, smoking status, gender, etc.  You can chose any amount of coverage you want and the length of term coverage and get an instant quote for the premium. To get a more accurate premium, please use regular health style.

The other preferred rates are more rare to qualify for and you would have to be in above average health for an Albertan.

Thirdly, there is the application form. If you find the premium to be affordable you can move onto the application form. Please fill in all fields with personal information, the amount of coverage, length of term, etc. There are a few general health questions that need to be answered either yes or no. If you have to answer Yes to any of these questions there is an "additional information" section below the Insurance and Personal History sections where you can explain the details of your Yes answer. Once you have completed the form, please double check your answer to make sure everything is correct. Then click Submit Your Application Online. 

Your application will be received by Life Guard Insurance an processed within 24 hours. We will forward your application onto BMO Insurance and order the nurse to visit you at your convenience. At this point, here is how the process will work:

 

You will receive one phone call from Life Guard Insurance to verify your information, ensure you would like to proceed with the application and to collect banking or credit card numbers (we don't collect this info over the intent for security reasons) A paramedical nurse will phone you to set an appointment Complete the paramedical appointment where the nurse is authorized to also collect signatures on the application form and verify your ID, like driver's license All evidence is sent to BMO Insurance for underwriting If everything is normal you will be approved for the term life insurance and the policy will be printed The policy is delivered to Life Guard Insurance We will then courier you the policy with the delivery receipt to be signed and any other amendment forms and first premium to be return in the addressed return envelope Once you have sign the receipt for acceptance and mailed back the first premium you are covered - your insurance is in force Life Guard Insurance will forward premium payment and all documentation onto BMO Insurance once received and you will be getting a welcome letter from BMO Insurance

 

It might seem complicated, but really it isn't. You are only involved in a few steps of this process and everything comes directly to you. At Life Guard Insurance we have adapted the telephone application process to be very easy and friendly as an online application form. If you were to watch the video and go through the application it should only take you about 15 minutes. That is a lot less time than booking an appointment with an insurance advisor, having a 2 hour appointment and ending up with the same application submitted to BMO Insurance.

Pleased fell free to contact us directly if you need more help or if you are looking for insurance other than term life via our online application process. At Life Guard Insurance we offer not only term life insurance from BMO Insurance. We offer term, universal and whole life insurance from all of Canada's top insurance companies and health insurance benefits like critical illness, disability and extended medical and dental insurance plans. We are here to help, either online or in person.

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Question by Chris-in-Alberta: Mortgage Brokers only for those with poor credit? My wife and I have good credit good equity and are thinking of financing a third home. Our other 2 mortgages are with BMO. Should we look more into Mortgage brokers or do banks typically have the best options? Best answer for Mortgage Brokers only for those with poor credit?:

Answer by donfletcheryh
Mortgage brokers will shop the mortgage to all lenders to find the source of money that is most to your advantage. You can go to the broker knowing what your bank would charge you, so that you can decide to take your bank up on their offer. They almost never come back with a higher rate. But, if you want to go variable rate, broker is not going to save you money. In general, variable rate financing has been a lower cost option over any 5 year period in Canada. But you may hit a period in which variable rate is higher than what you could have locked in for earlier.

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